Tax benefit on home loan

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  1. Mandeo Yadav

    Mandeo Yadav New Member

    I bought a house last year which is under construction and will be completed in Feb 2017. Now I want to take home loan of Rs 5000000 . I will repay as EMI in 13 years. Interest rate is 10.1% annual. Monthly installment is Rs 57700. I want to know that what is the maximum amount of exemption limit which I will get as tax benefit and for how many years.
     
    Last edited: Sep 12, 2014
    Mandeo Yadav, Sep 12, 2014
    #1
  2. Neha Sharma

    Neha Sharma Active Member

    Dear @Mandeo Yadav

    You would have received a break of your Monthly EMI of Rs 57,700 and this would be split into Principal portion and Interest portion.

    Please share those details as well because your income tax deductions would depend on these break-ups.

    In short, deduction of Rs. 57,700 can be claimed under Section 24 and Section 80C. You can yourself also compute the exact amount of deduction by referring to this article - http://www.charteredclub.com/tax-benefit-on-home-loan/
     
    Neha Sharma, Sep 13, 2014
    #2
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